Your Comprehensive Guide to Obtaining Vehicle Title LoansSteve Driz
Your Comprehensive Guide to Obtaining Vehicle Title Loans
Canadian’s debt to income ratio is getting worse and increased to 14.9 percent by the end of 2018. In fact, the rate of growth for debt is outpacing income growth. If you are one the many Canadians facing high debt, you may feel overwhelmed by high-interest rates.
There is an answer to your problem. Get out of your unfavourable financing agreement by paying them off. How do you ask? By using your car.
Vehicle title loans give people an injection of cash to help them pay off high-interest debt, medical bills, or any other sudden expense.
What Is an Auto Title Loan?
A car title loan is a short-term loan that you secure with your car’s title. Because you are using your car’s title as collateral, other factors tend to be less important. So, if your credit score isn’t great or your income isn’t high, that won’t bar you from getting approval.
Most lenders will give you 25% to 50% of the value of your car. The one major catch is that you need to own your car outright. That means there are no other loans or claims to the car’s title.
When Should You Get One?
If you own your car, have bad credit, and need cash quickly, then a title loan may be the right choice for you. Just be sure you can pay the loan off within the lender’s proposed time frame.
What Happens If You Fail to Pay the Loan Back?
You are using your car’s title to secure the loan with the lender. That means if you fail to pay, the lender has the right to seize your vehicle if you avoid their calls and do not negotiate a revised payment plan. In the rare cases where the lender is forced to seize a vehicle, they will sell the car and use the proceeds to pay off the loan. Typically, if the vehicle is sold for more than the amount owed, you will receive the difference.
Another option is to roll your first loan into a new loan. This will give you more time to pay the loan back. It will also mean you have more money to pay back too.
How Do You Get One?
When applying for a car title loan with Fast Action Finance, there is no need to come into one of our offices. You can apply for your loan electronically. There is also no need to check your credit scoreeither.
All you need to do is send us some documents, we’ll take ten minutes to review them, and that’s it! If you are approved, we will email you the loan documents for you to sign.
Once we receive the signed documents back, we will email or deposit your loan money. The whole process can be done quite quickly, which is perfect if you are facing an emergency.
The first thing you will need to do is take pictures of your vehicle. We want to see the condition that it is in. You will need a total of eight images to show us your car adequately.
- The left side
- The right side
- The front
- The back (be sure the license plate is present in the picture)
- The odometer showing total KM
- The front interior
- The back interior
- The door VIN
Check your photos after you’ve taken them and before you send them. Make sure that you are backed away enough to show the entire vehicle in the picture.
You also want to make sure that your pictures are well lit and not blurry. When taking a picture of your odometer, make sure it is on the total KMs driven and not a trip mile counter (odometer).
Another picture to be careful with is the VIN picture. There is a lot of information on this sticker, and it’s relatively small. So make sure this picture is well lit and not blurry. This can be found on the dashboard on the driver’s side or on the driver’s door post.
Gather Your Documents
You will need to make a copy of the front and back of your driver’s license. We also need proof of ownership, both front, and back.
Provide proof of insurance on the vehicle. This is to ensure the car, and the loan is protected in the vent of an accident.
If you are currently employed then provide a copy of your pay stub. Don’t worry if you aren’t employed; you can skip this step.
Include a utility bill from your address with the current date on it. The utility bill doesn’t need to be in your name; the correct address is what is important.
You need to provide a void cheque or pre-authorized payment form. This way we can process your loan disbursement as quickly as possible upon approval and document signing.
Finally, you need to provide two from the following list:
- Birth certificate
- SIN Card
- Health card
- Citizenship card
- Fire arms acquisition card
- Permanent resident card
- Any other acceptable government-issued ID
Once you have gathered all of your documents, email them to us, and we can get started reviewing your application.
Consider Vehicle Title Loans
If you are facing an emergency, or are looking to pay down some debt, then vehicle title loans may be able to help you. This is a viable option for someone who doesn’t have good credit or can’t show proof of employment.
The application process is quick and easy, just make sure you gather all of the necessary documents so that your application is complete and can be reviewed. There is no need for you to come into the office in person, which saves you even more time.
Use your car today to secure a loan with our quick and easy process.